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Story
February 4, 1952
Trainman News
Indianapolis, Marion County, Indiana
What is this article about?
In Denver, Colorado, the state Senate defeated a proposed memorial to Congress for a 25% limit on federal income, estate, and gift taxes by an 18-13 vote, as advised by state representative W. E. Skinner. The proposal would have allowed significant tax-free income for the wealthy.
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Rich Man's Tax Grab Defeated
DENVER--W. E. Skinner, BRT Colorado state representative, advises that by an 18 to 13 vote Colorado Senate defeated the proposed memorial to Congress to place in the Federal Constitution a 25 per cent limit on income, estate and gift taxes.
If it became part of the Federal Constitution, it would mean that one with a $1 million annual income would have $750,000 tax free annually. Such tax-free exemptions would also apply to gifts and large estates.
In Colorado, the proposal has been "laid to rest for this session," according to Skinner. Several state legislatures have already adopted the proposal and it is being pushed in other states whenever their legislatures are in session.
DENVER--W. E. Skinner, BRT Colorado state representative, advises that by an 18 to 13 vote Colorado Senate defeated the proposed memorial to Congress to place in the Federal Constitution a 25 per cent limit on income, estate and gift taxes.
If it became part of the Federal Constitution, it would mean that one with a $1 million annual income would have $750,000 tax free annually. Such tax-free exemptions would also apply to gifts and large estates.
In Colorado, the proposal has been "laid to rest for this session," according to Skinner. Several state legislatures have already adopted the proposal and it is being pushed in other states whenever their legislatures are in session.
What sub-type of article is it?
Historical Event
What themes does it cover?
Justice
Triumph
What keywords are associated?
Tax Proposal
Senate Vote
Income Tax Limit
Estate Taxes
Colorado Legislature
What entities or persons were involved?
W. E. Skinner
Where did it happen?
Denver, Colorado
Story Details
Key Persons
W. E. Skinner
Location
Denver, Colorado
Story Details
Colorado Senate defeats proposed memorial to limit federal taxes at 25% by 18-13 vote; would benefit wealthy with large tax-free amounts; proposal laid to rest for session but pushed elsewhere.